Schedule of Investments

Virtus AllianzGI Convertible & Income 2024 Target Term Fund May 31, 2021 (unaudited)

Principal

Amount

(000s)

Value

CONVERTIBLE BONDS & NOTES-58.6%

Auto Manufacturers-4.7%

NIO, Inc. (a)(c)

zero coupon, 2/1/26

$4,000

$ 3,464,000

0.50%, 2/1/27

6,500

5,469,750

8,933,750

Biotechnology-8.5%

Illumina, Inc.,

zero coupon, 8/15/23 (g)(i)

2,105

2,518,106

Insmed, Inc.,

1.75%, 1/15/25 (g)(i)

5,500

5,517,050

Ionis Pharmaceuticals, Inc.,

0.125%, 12/15/24 (g)

6,000

5,461,070

Ligand Pharmaceuticals, Inc.,

0.75%, 5/15/23 (g)

3,000

2,914,749

16,410,975

Building Materials-2.4%

Patrick Industries, Inc.,

1.00%, 2/1/23 (g)

4,000

4,697,500

Computers-1.1%

CyberArk Software Ltd.,

zero coupon, 11/15/24 (g)

2,000

2,128,800

Entertainment-1.8%

Live Nation Entertainment, Inc.,

2.00%, 2/15/25 (g)(i)

3,000

3,445,500

Equity Real Estate Investment Trusts (REITs)-6.1%

Blackstone Mortgage Trust, Inc.,

4.375%, 5/5/22

2,000

2,042,600

Redwood Trust, Inc.,

5.625%, 7/15/24

5,000

5,037,500

Two Harbors Investment Corp.,

6.25%, 1/15/22 (g)

4,495

4,562,425

11,642,525

Household Products-2.2%

NuVasive, Inc.,

1.00%, 6/1/23 (a)(c)(g)

4,000

4,170,000

Internet-4.8%

21Vianet Group, Inc.,

zero coupon, 2/1/26 (a)(c)

7,000

5,932,500

Boingo Wireless, Inc.,

1.00%, 10/1/23 (g)

3,350

3,324,875

9,257,375

Leisure-1.2%

Royal Caribbean Cruises Ltd.,

2.875%, 11/15/23 (a)(c)(g)

1,700

2,251,650

Media-3.9%

DISH Network Corp.,

Principal

Amount

(000s)

Value

Oil States International, Inc.,

1.50%, 2/15/23 (g)

$1,500

$ 1,379,558

4,772,370

Pharmaceuticals-3.7%

Flexion Therapeutics, Inc.,

3.375%, 5/1/24 (g)

3,000

2,682,258

Jazz Investments I Ltd.,

1.50%, 8/15/24 (g)(i)

4,000

4,417,627

7,099,885

Software-15.5%

Alteryx, Inc.,

0.50%, 8/1/24

4,000

3,777,600

Benefitfocus, Inc.,

1.25%, 12/15/23 (i)

3,000

2,827,170

DocuSign, Inc.,

zero coupon, 1/15/24 (a)(c)(g)

4,000

3,868,000

i3 Verticals LLC,

1.00%, 2/15/25 (g)

5,000

5,143,750

New Relic, Inc.,

0.50%, 5/1/23 (g)

4,000

3,925,200

Nutanix, Inc.,

zero coupon, 1/15/23 (g)

2,835

2,849,175

Pegasystems, Inc.,

0.75%, 3/1/25 (g)

2,000

2,210,000

PROS Holdings, Inc.,

1.00%, 5/15/24

4,000

4,070,000

RingCentral, Inc.,

zero coupon, 3/1/25 (g)

1,055

1,104,453

29,775,348

Telecommunications-0.2%

Infinera Corp.,

2.125%, 9/1/24 (g)

395

468,796

Total Convertible Bonds & Notes

(Cost-$110,804,360)

112,516,650

CORPORATE BONDS & NOTES-43.5%

Aerospace & Defense-1.2%

Triumph Group, Inc. (a)(c),

6.25%, 9/15/24

350

356,178

8.875%, 6/1/24

1,796

1,991,315

2,347,493

Auto Manufacturers-2.0%

Ford Motor Co.,

8.50%, 4/21/23 (g)

3,500

3,906,875

Building Materials-1.9%

Koppers, Inc.,

6.00%, 2/15/25 (a)(c)

3,500

3,585,400

Commercial Services-1.3%

RR Donnelley & Sons Co.,

2.375%, 3/15/24 (g)

5,000

4,837,500

Liberty Broadband Corp.,

2.75%, 9/30/50 (a)(c)(g)

2,500

2,624,676

7,462,176

Oil, Gas & Consumable Fuels-2.5%

Helix Energy Solutions Group, Inc.,

4.25%, 5/1/22 (g)

3,500

3,392,812

7.00%, 2/15/22

2,500

2,581,250

Computers-0.8%

Dell International LLC,

7.125%, 6/15/24 (a)(c)(g)

1,500

1,530,000

Diversified Financial Services-3.5%

Navient Corp.,

7.25%, 9/25/23

3,000

3,288,750

Schedule of Investments

Virtus AllianzGI Convertible & Income 2024 Target Term Fund May 31, 2021 (unaudited) (continued)

Principal

Amount

(000s)

Value

OneMain Finance Corp.,

8.25%, 10/1/23 (g)

$3,000

$ 3,390,000

6,678,750

Entertainment-1.6%

Cedar Fair L.P.,

5.375%, 6/1/24 (i)

3,000

3,030,000

Equity Real Estate Investment Trusts (REITs)-1.1%

Service Properties Trust,

4.35%, 10/1/24 (g)

2,170

2,131,472

Food & Beverage-1.6%

Albertsons Cos., Inc.,

3.50%, 2/15/23 (a)(c)(i)

3,000

3,074,880

Healthcare-Services-3.3%

HCA, Inc.,

5.375%, 2/1/25 (g)

3,000

3,356,250

Tenet Healthcare Corp.,

4.625%, 7/15/24

3,000

3,043,200

6,399,450

Leisure-3.6%

Carnival Corp.,

11.50%, 4/1/23 (a)(c)(g)

3,000

3,432,570

Royal Caribbean Cruises Ltd.,

10.875%, 6/1/23 (a)(c)(g)

3,000

3,442,500

6,875,070

Lodging-1.9%

Wynn Las Vegas LLC,

5.50%, 3/1/25 (a)(c)

3,500

3,731,875

Media-7.6%

CCO Holdings LLC,

4.00%, 3/1/23 (a)(c)

3,000

3,022,500

Clear Channel Worldwide Holdings,

Inc.,

9.25%, 2/15/24

724

759,838

CSC Holdings LLC,

5.25%, 6/1/24

3,000

3,251,250

DISH DBS Corp.,

5.875%, 11/15/24

3,285

3,496,685

6.75%, 6/1/21

1,000

1,000,000

Sirius XM Radio, Inc.,

4.625%, 7/15/24 (a)(c)(g)

3,000

3,075,000

14,605,273

Oil, Gas & Consumable Fuels-3.9%

Antero Resources Corp.,

5.00%, 3/1/25 (i)

3,000

3,072,300

Occidental Petroleum Corp.,

6.95%, 7/1/24 (g)

4,000

4,440,000

7,512,300

Telecommunications-6.7%

Principal

Amount

(000s)

Value

Transportation-1.5%

XPO Logistics, Inc.,

6.125%, 9/1/23 (a)(c)(g)

$2,750

$ 2,780,937

Total Corporate Bonds & Notes

(Cost-$81,698,594)

83,595,125

SENIOR LOANS (a)(b)-29.6%

Aerospace & Defense-0.7%

TransDigm, Inc., (1 mo. LIBOR +

2.250%), 2.343%, 12/9/25, 2020 Term

Loan F

1,463

1,442,267

Airlines-1.5%

Allegiant Travel Company, (3 mo.

LIBOR + 3.000%), 3.156%, 2/5/24,

2020 Term Loan

1,474

1,463,970

American Airlines, Inc., (1 mo. LIBOR +

2.000%), 2.093%, 4/28/23, Repriced

TL B due 2023

990

956,808

SkyMiles IP Ltd., (3 mo. LIBOR +

3.750%), 4.750%, 10/20/27, 2020

Skymiles Term Loan B

500

523,695

2,944,473

Auto Components-0.5%

Tenneco, Inc., (1 mo. LIBOR + 3.000%),

3.093%, 10/1/25, 2018 Term Loan B

997

980,991

Chemicals-0.3%

PQ Corp., (3 mo. LIBOR + 2.250%),

2.436%, 2/7/27, 2018 Term Loan B

506

505,173

Commercial Services-0.5%

Allied Universal Holdco LLC, (3 mo.

LIBOR + 3.750%), 4.250%, 5/12/28,

2021 USD Incremental Term Loan B

1,000

1,002,130

Communications Equipment-0.8%

CommScope, Inc., (1 mo. LIBOR +

3.250%), 3.343%, 4/6/26, 2019 Term

Loan B

1,481

1,474,108

Computers-0.9%

Cardtronics USA, Inc., (1 mo. LIBOR +

4.000%), 5.000%, 6/29/27, Term

Loan B

993

991,756

Dell International LLC, (1 mo. LIBOR +

1.750%), 2.000%, 9/19/25, 2021 Term

Loan B

662

661,591

1,653,347

Construction & Engineering-0.5%

KBR, Inc., (1 mo. LIBOR + 2.750%),

2.843%, 2/5/27, 2020 Term Loan B

1,016

1,016,896

Cincinnati Bell, Inc.,

7.00%, 7/15/24 (a)(c)

4,000

4,120,000

Hughes Satellite Systems Corp.,

7.625%, 6/15/21 (i)

3,000

3,006,600

Lumen Technologies, Inc.,

7.50%, 4/1/24, Ser. Y

2,000

2,240,000

Sprint Corp.,

7.125%, 6/15/24

3,000

3,457,500

12,824,100

Diversified Telecommunication Services-0.5%

CenturyLink, Inc., (1 mo. LIBOR +

2.250%), 2.343%, 3/15/27, 2020 Term

Loan B

988

978,000

Entertainment-1.5%

AMC Entertainment Holdings, Inc., (1

mo. LIBOR + 3.000%), 3.107%,

4/22/26, 2019 Term Loan B

980

900,885

Music Technology Holdings, LLC, (3 mo.

PIK + 8.000%), 8.000%, 12/16/22,

Fixed PIK Term Loan (f)

333

332,605

Stars Group Holdings B.V. (The), (3 mo.

LIBOR + 3.500%), 7/10/25, 2018 USD

Incremental Term Loan (d)

1,640

1,645,595

2,879,085

Schedule of Investments

Virtus AllianzGI Convertible & Income 2024 Target Term Fund May 31, 2021 (unaudited) (continued)

Principal

Amount

(000s)

Value

Food & Staples Retailing-0.5%

US Foods, Inc., (1 mo. LIBOR +

1.750%), 1.843%, 6/27/23, 2016

Term Loan B

$ 893

$ 884,801

Healthcare-Products-0.9%

Avantor Funding, Inc., 11/21/2024,

USD Term Loan B3 3.000%, (1 mo.

LIBOR + 2.000%), 11/21/24, USD

Term Loan B3

879

877,952

3.250%, (1 mo. LIBOR + 2.250%),

11/8/27, 2020 Incremental Term

Loan B4

284

284,998

Ortho-Clinical Diagnostics S.A., (1 mo.

LIBOR + 3.000%), 3.108%, 6/30/25,

2018 Term Loan B

556

556,053

1,719,003

Holding Companies-Diversified-0.5%

Travelport Finance (Luxembourg)

S.a.r.l., (3 mo. LIBOR + 5.000%),

5.203%, 5/29/26, 2019 Term Loan

985

872,956

Hotels, Restaurants & Leisure-1.0%

Playa Resorts Holding B.V., (1 mo.

LIBOR + 2.750%), 3.750%, 4/29/24,

2017 Term Loan B

963

921,096

Scientific Games International, Inc., (1

mo. LIBOR + 2.750%), 2.843%,

8/14/24, 2018 Term Loan B5

968

957,493

1,878,589

Internet-1.1%

Everi Payments, Inc., (1 mo. LIBOR +

2.750%), 3.500%, 5/9/24, Term

Loan B

896

891,198

Go Daddy Operating Company, LLC,

(1 mo. LIBOR + 1.750%), 1.843%,

2/15/24, 2017 Repriced Term Loan

1,217

1,209,808

2,101,006

Internet Software & Services-0.9%

Blucora, Inc., (3 mo. LIBOR +

4.000%), 5.000%, 5/22/24, 2017

Term Loan B

743

744,895

Match Group, Inc., (3 mo. LIBOR +

1.750%), 1.906%, 2/13/27, 2020

Term Loan B

1,000

990,000

1,734,895

IT Services-0.5%

WEX, Inc., (1 mo. LIBOR + 2.250%),

2.343%, 3/31/28, 2021 Term Loan

1,000

995,250

Leisure Equipment & Products-0.5%

Principal

Amount

(000s)

Value

Navistar International Corp., (1 mo.

LIBOR + 3.500%), 3.600%, 11/6/24,

2017 1st Lien Term Loan B

$1,462

$ 1,461,602

3,056,145

Media-5.5%

CSC Holdings, LLC, (1 mo. LIBOR +

2.250%), 2.348%, 1/15/26, 2018

Incremental Term Loan

1,234

1,219,715

Gray Television, Inc., (1 mo. LIBOR +

2.250%), 2.360%, 2/7/24, 2017 Term

Loan B

1,432

1,424,836

Lions Gate Capital Holdings LLC, (1 mo.

LIBOR + 2.250%), 2.343%, 3/24/25,

2018 Term Loan B

1,228

1,220,539

Meredith Corp., (1 mo. LIBOR +

2.500%), 2.593%, 1/31/25, 2020 Term

Loan B2

1,247

1,241,678

Nexstar Broadcasting, Inc., (1 mo.

LIBOR + 2.500%), 2.610%, 9/18/26,

2019 Term Loan B4

1,312

1,307,248

Sinclair Television Group, Inc., (1 mo.

LIBOR + 3.000%), 3.100%, 4/1/28,

2021 Term Loan B3

1,250

1,243,535

Virgin Media Bristol LLC, (1 mo. LIBOR

+ 2.500%), 2.601%, 1/31/28, USD

Term Loan N

1,500

1,490,625

WideOpenWest Finance LLC, (1 mo.

LIBOR + 3.250%), 4.250%, 8/18/23,

2017 Term Loan B

1,465

1,460,031

10,608,207

Metal Fabricate/Hardware-0.3%

Advanced Drainage Systems, Inc., (1 mo.

LIBOR + 2.250%), 2.375%, 7/31/26,

Term Loan B

628

629,037

Oil, Gas & Consumable Fuels-0.0%

Lealand Finance Company B.V., 6/30/25,

2020 Take Back Term Loan

1.093%, (1 mo. PIK + 3.000%)

83

36,193

3.000%, (1 mo. LIBOR + 1.000%)

83

36,194

72,387

Pharmaceuticals-2.0%

Bausch Health Companies, Inc., (1 mo.

LIBOR + 3.000%), 3.093%, 6/2/25,

2018 Term Loan B

852

848,680

HLF Financing S.a r.l., (1 mo. LIBOR +

2.500%), 2.593%, 8/18/25, 2018 Term

Loan B

975

968,906

Horizon Therapeutics USA, Inc., (1 mo.

LIBOR + 2.000%), 2.500%, 3/15/28,

2021 Term Loan B

1,000

997,860

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Virtus AllianzGi Convertible & Income 2024 Target Term Fund published this content on 30 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2021 18:58:06 UTC.